BITCOIN HALVING

The halving has officially come and gone, and the results haven’t been as big as we all hoped for.

At mid-day on Saturday, the bitcoin price fell to the $620 range but jumped back to about $645 within a few hours. Despite all the press and predictions that led up to the event, not much seems to have happened. Following the first halving in 2012, however, the price of a single bitcoin increased tenfold within the first few weeks, so further increases towards the end of the month are not entirely out of the question.

The biggest fight is occurring among bitcoin miners, who face a huge drop in business. Miners are doing everything they can to avoid potential downtime, as the block reward — and potentially their revenue — has been cut in half.

Genesis Mining CEO Marco Streng explains:

“The most important thing is to be the most efficient miner. . .When the others drop out, that means that they leave the market and give you a bigger share of the pie.”

According to one source, a hard-fork is “a change to the bitcoin protocol that makes previously invalid blocks/transactions valid, and therefore requires all users to upgrade.” Software engineer Nick Johnson explains that the move is designed to garner greater user protection. He also says things may seem slow at first, but few of the changes incorporated should dramatically change user experiences:

“The actual change is fairly trivial – a balance transfer between blocks. All the code around that in order to prevent bad things happening adds a lot of complexity. Not to mention very thorough testing. For instance, making sure that any nodes that fast sync after the fork, sync to the correct chain.”

GRANTCOIN

Launched in 2015, Grantcoin was the first digital currency to be distributed and managed by non-profit executives with the intention of supplying funds to “socially responsible businesses.” The first grant distribution took place in early July, where approximately 255 individuals from 17 nations received funds in their personal Grantcoin wallets. A second “hand-out” will occur in late September.

Grantcoin has been labeled “currency with a conscience.” It’s mission statement says:

“We insist that a new currency be equitable: that it shall be issued to all people as a human right, as a universal basic income to be enjoyed by all — to compensate, at least partially, for the accidents of birth and circumstances of fortune that have blessed or condemned different people and regions of the world to wealth or poverty.”

Genesis Mining is one of the few cloud mining organizations to actually fulfill their obligations to their customers as well as a huge advocate for the Bitcoin and Cryptopcurrency industry. Since the beginning of 2016 the mining industry has seen a lot of shifts, as well as new coins to mine that are wildly popular like Ethereum.

Genesis Mining quickly expanded their GPU mining capacity to fulfill the growing demand for Ethereum mining as well as other algorithms like DASH. We were able to chat with Marco Streng the CEO about the recent developments and some future things to come from them.

Could you go over a bit about how you were able to scale GPU mining back up so quickly for the Ethereum POW?

Marco Streng (MS): Scaling GPU mining capacities is a science for itself especially since rigs have to be built from lot of parts and deployed in the most efficient way in the facilities. Our engineers worked literally non stop to expand as quickly as possible.

How will you handle the contracts if Ethereum decides to end the POW before contracts are up?

MS: We will handle it in the best way possible and switch the algo to X11 where we mine the most profitable cryptocurrencies with it.

Hive Data Center Management Software A Robust Enterprise System

I had early access to the Hive architecture that Genesis Mining built to manage their data centers and those of their large customers.

It has a very user friendly interface as well as a robust back-end that allows for the smallest details to be controlled. From contract length, pool management to miner settings in a simple panel setup. Hive also quickly gives alerts so repairs and maintenance can be done pinpointing where the problem is and what it is. These features are needed in large deployments especially when you provide hashing power to 1000’s of customers.

Could you tell us a bit about the Hive software you use to manage all the miners and accounts?

MS: Sure, as you know we have developed Genesis Hive from the beginning on and optimized it specifically for large scale build outs. Large scale meaning build outs of more than 1000 mining units. Hive is helping us tremendously in managing our farms. It provides a great overview of the whole operation but also gives you detailed information about all technical data of each miner. With features like auto frequency tuning it automatically adjusts frequencies to reach optimal performance of the whole mining operation. Together with Hive just 1 engineer can maintain an operation that normally would have to be maintained by a lot more manual workers.

Genesis Mining Advocates for the Bitcoin and Cryptocurrency Industry

What are some of the upcoming things you could tell us about now?

MS: Enigma was certainly a major milestone for us. Coming up we will expand our infrastructure continuously further. Also we want to continue our efforts bringing Bitcoin to the masses with our #ExploreBitcoin campaign. In this regard we are launching the Bitcoin education center that will educate people who are new to Bitcoin and want to know more about it. It will feature an introductory course to Bitcoin as well as interviews with industry leaders from Bitcoin and from markets where Bitcoin has big potential such as remittance market etc…

You were a close partner with Spondoolies did their closure effect you or will it in the near future?

MS: Spondoolies Tech was a great company, with great people and best quality products. Going forward not everybody can win the race of chip manufacturing. I am glad we are in an independent position and are always able to choose the most efficient machines on the market when deploying new farms.

Were you as excited as many of us were when GPU mining came back into the profit mode with Ethereum and DASH?

MS: Yes, we always were. I think both, Dash and Ethereum are two great examples of cryptocurrencies that have high potential and real innovation behind. Additionally their communities are strong and growing. We mined Dash (former Darkcoin) from the early minute on, supported their community and even accepted payments in Dash directly from the beginning. Also for Ethereum, we were big believers from the first minute on. We used a significant portion of our capacities to directly start mining after the launch and expanded the farms ever since. Our Enigma farm is just the tip of the iceberg now being the worlds largest Ethereum farm.

Being part of the whole cryptocurrency revolution makes me very happy every day. I guess we all can’t imagine how much this ground for innovation can change the world. Exciting times ahead!

Thank you, Marco, for your time. Genesis Mining continues to grow and adapt to changing markets and continues their advocacy in the industry. While many cloud mining providers have come and gone, as well as many scams, Genesis has stood strong.

We look forward to seeing their education center and #ExploreBitcoin campaign roll-out. We will keep you informed on how they do with this and more as it happens.

What do you think about Genesis Mining’s initiatives in the industry? Let us know in the comments below!

Popular cloud mining provider Genesis Mining has announced a huge drop in the price of its Ether contracts.

Disclaimer: This article was provided by Bitcoin PR Buzz. Bitcoinist is not affiliated with the firms represented by Bitcoin PR Buzz and is not responsible for their products and/or services.

Starting on May 10, 2016, Genesis decreased the price of its Ether cloud mining contracts from $44 USD per MH/s to $37 USD per MH/s. The company believes that this price cut is a great opportunity to start mining Ether, taking advantage of potential profits offered by possible future growth in the Ethereum use.

“Every day, we are working to reduce operational costs to mine on behalf of our 200,000 customers,” says CEO Marco Streng. “And every time we have the opportunity to provide greater ROI potential and value to our customers, we are honored.”

The company credits its abilities to offer such large price cuts on Ether contracts to Enigma, their Ether mining farm, and the economies of scale they enjoy from running such a large Ether mining operation.

According to Genesis Mining CTO Stefan Schindler:

“The reason we are able to continue reducing the price for our customers is due to heavy optimization of the Enigma farm and economy of scale. We are proud of bringing Ether Mining mass deployments to a next dimension with Enigma.”

Genesis Mining recently became the first cloud mining service provider in the world to offer Ether contracts. Following an unprecedented surge in the Ether price, the company decided to add mining options for the altcoin as a way to broaden its customers’ options for potential mining profits. The company has recently released footage of Enigma, which it calls “the largest Ether cloud mining farm in the world.”

To purchase Ether contracts at the new discounted rate please visit:

About Genesis Mining

Genesis Mining was founded at the end of 2013. They got to know each other by using the same platform for buying and selling Bitcoins. As our company and its user base grew, new mining farms were built up and several additional people hired, specifically programmers and engineers.

Upcoming Events

From November 19 to 21, 2018, the key event of the year in the Ukrainian energy sector, the Ukrainian Energy Week ’18, will take place in the NSC “Olimpiyskiy”. Here will meet the most influential representatives of national and foreign … Continue reading →

It is our pleasure to invite you to the speech 100 Years of U.S.-Czech Economic Relations: Towards the Next 100 by the US Ambassador to the Czech Republic, H.E. Stephen King. If you wish to attend the event, please register … Continue reading →

From November 19 to 21, 2018, the key event of the year in the Ukrainian energy sector, the Ukrainian Energy Week ’18, will take place in the NSC “Olimpiyskiy”. Here will meet the most influential representatives of national and foreign … Continue reading →

👉 Welcome to the first SOCIAL INNOVATION WEEKEND in Central Europe organized in cooperation with all Visegrad countries. Our goal is to change the future of key social topics. The challenges of the first ever innovative weekend are going to … Continue reading →